MongoDB skyrockets 30% on its first-ever day of trading

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    Mongo DB jumped more than 30% on its first day of trading. The company isn’t profitable but is working on improving that.

MongoDB, a database provider, jumped on its first day of trading.

Shares were up more than 30% after opening for trading on the day of its initial public offering. The company priced its IPO at $24 a share, which was higher than its expected range of $20-$22 per share. It is currently trading at about $29.40.

The company offered 8 million shares in its IPO, and raised $192 million in its first offering. This values the company at $1.2 billion, according to CNBC. MongoDB started trading under the ticker MDB.

The company offers free database software that is popular among tech startups. Its business model comes from the extra support and services it offers on top of the database software. The company hopes that as tech startups grow, they will upgrade to MongoDB’s premium services.

The company does not turn a profit. It reported a $45.76 million loss during the six months ending on July 31. It made $67.9 million in revenue in that same time frame. The company is working its way towards profitability though, as the loss per share of $1.71 is less than the $1.93 in the same period last year.

The company is the freshest face on the public markets but is going up against some of the largest and oldest players in tech, like Microsoft and Oracle.

Read more about Mongo DB’s IPO here.